Bank lays off ten Caymanians days before Christmas

(CNS): Butterfield Bank has confirmed that it has made ten Caymanians redundant with immediate effect. The news comes just two weeks before Christmas and against a continuing economic slump. The bank said, however, that it was committed to the Cayman Islands and the ten jobs were lost from a workforce of 345, only 8% of which are permit holders. Last quarter the bank announced a third quarter net loss of $18.6 million, compared to net income of $0.2 million for the second quarter of 2010, due to lower interest income earned and increased IT outsourcing costs.

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